Notification Of Business Aquisition Or Merger Or Purchase Or Sale {BWC-7624}

BWC-7624 -- NOTIFICATION OF BUSINESS ACQUISITION/MERGER OR PURCHASE/SALE. Use this form to notify BWC when succeeding, in whole or in part, another in the operation of a business. If you are the successor/new employer and do not have Ohio workers’ compensation coverage, you must complete an Application for Ohio Workers’ Compensation Coverage (U-3). If you have Ohio workers’ compensation coverage, you only need to submit the U-118. Ohio workers’ compensation rule (Rule 4123-17-02 Basic or manual rate) requires an employer that succeeds another employer in the operation of a business, in whole or in part, to notify BWC of the succession. Additionally, the succeeding employer must preserve the former employer’s payroll records for the five years preceding the date of succession. Whenever one employer succeeds another employer in the operation of a business, in whole or in part, BWC requires information on the succession to calculate the experience rating of the succeeding employer. Additionally for successions taking place on or after Sept. 1, 2006, where one employer wholly succeeds in the operation of a business, BWC shall transfer to the successor any and all existing and future liabilities or credits of the former employer in addition to the experience transfer. If an employer purchases or acquires only a portion of the business, BWC transfers only that portion of the former employer’s experience to the succeeding employer. BWC will inspect the former employer’s payroll and claims records to determine what should transfer to the successor for rate calculation purposes. www.FormsWorkflow.com